Caddo Finalizes Acquisition of 60 Oil Wells from Black Dragon Resources
Caddo has announced full ownership, rights, and assets to 60 new Oil wells. Caddo International has officially taken over 60 Oil well properties from Black Dragon Resources. Caddo's Management moved fast and swiftly to get this acquisition consummated for its shareholders, rapid expansion and future growth.
The President of Black Dragon Resources announced today that the Company has agreed to cancel all of the preferred stock given to Caddo International Inc. for specific oil properties that the Company has not had the time to get to because of previous commitments. This includes 60 Oil well properties. The reason for this move is to help clean up the capital structure of Black Dragon Resources. The company looks to spend their resources on drilling new wells and maintaining what they can handle on the existing producing wells.
Caddo International is very excited about this move with Black Dragon as it comes on the heels of its newly announced spinoff subsidiary, Petrolind Drilling Company, for their current and future new shareholders. With the new 60 Oil well properties, including Petrolind's 10 Oil & Gas wells, this adds tremendous shareholder value. Caddo remains focused on initiating drilling and rework programs to fully maximize Oil & Gas production in order to rapidly grow the company.